> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # ASP +60%: Who Gets Paid While Taiwan's DRAM Stacks Wait Until 2028 - URL: https://www.sotkn.com/markets/taiwan/taiwan-nanya-dram-asp-october-2026/ - Published: 2026-10-15T02:23:19.000Z - Updated: 2026-10-15T02:23:19.000Z - Description: Nanya printed third-quarter results on 12 October. Who gets paid is the DRAM price step — ASP up more than 60%, gross margin 85.7%. The stuck step is 3D wafer stacking: Pingtung is planned for the end of 2028, and bit shipments fell. - Author: Sean - Tags: #market-taiwan Nanya printed third-quarter results on 12 October. Who gets paid is the DRAM price step: average selling prices rose more than 60%, and the gross margin is 85.7%. The stuck step is 3D wafer stacking. Pingtung is planned for the end of 2028, and bit shipments fell. **TAIWAN PULSE** · Data as at 15 Oct 2026 · Next update: after Nanya October sales, around 5 November **Affects:** [Semiconductors](https://www.sotkn.com/stack/semiconductors/) · [HBM](https://www.sotkn.com/explained/hbm-explained/) · Memory — **Markets:** [Taiwan](https://www.sotkn.com/markets/taiwan/) · [Korea](https://www.sotkn.com/markets/korea/) · [US](https://www.sotkn.com/markets/us/) · [China](https://www.sotkn.com/markets/china/) **In short:** Nanya reported the quarter ended 30 September on 12 October. Sales were NT$133.6 billion, up 61.9% from the second quarter. ASP rose more than 60%. Bit shipments fell by a mid-single-digit percent. Gross margin was 85.7%. AI-named business is more than 20% of sales. The 3D packaging and test fab at Pingtung is planned for the end of 2028\. DRAM sellers are paid on the invoice now. The stack is not. Map of who gets paid — not a buy list. Education only, not advice to buy or sell any security. Figures are from Nanya’s 12 October 2026 release and the dated monthly and park prints listed at the end. Our own sums are labelled “our arithmetic”. ## The numbers that matter this month Nanya Q3 2026 sales NT$133.6bn +61.9% vs Q2 · quarter ended 30 Sep Primary Average selling price +60%+ Company wording: more than sixty percent QoQ Paid now Bit shipments Mid-single-digit down Fewer bits. A fatter invoice. Quarter on quarter Volume off Gross margin 85.7% +6.2 points vs Q2 79.5% · operating 80.0% Paid now AI-named share of sales \>20% Servers, networking, storage, system management Named Pingtung 3D pack / test End-2028 TSV and wafer stacking. Science park approved 1 Oct Stuck step Figures from Nanya’s Q3 release dated 12 Oct 2026 ([company print](https://au.marketscreener.com/news/nanya-technology-reports-results-for-the-third-quarter-2026-ce785ddcde80f321?ref=sotkn.com)) and the Southern Taiwan Science Park note carried on 2 Oct. Status chips are Second Order’s read. ## Why does Taiwan matter now? Because Taiwan still invoices two different memory stories at once. One is the DRAM that goes into servers, PCs and phones — a price cycle. The other is the stacked memory an AI accelerator will not ship without. Korea still runs most of that second story. Taiwan just printed the first one, loudly. Two Taiwan pulses already showed the front of the chain. The gold pulse, [TSMC’s August revenue](https://www.sotkn.com/markets/taiwan/taiwan-tsmc-revenue-september-2026/), put packaging — CoWoS — as the stuck step for leading-edge AI chips. The 11 October pulse, [US$87.2 billion September exports](https://www.sotkn.com/markets/taiwan/taiwan-september-exports-record-october-2026/), showed the customs invoice for that map. Today is not another foundry or export print. It is a DRAM company’s own quarter. Nanya is not TSMC. It does not run CoWoS. It sells memory. The question is whether the cash in that memory P&L is the AI stack, or the price of ordinary bits that AI demand made scarce. 1 · DRAM invoice **Who:** Nanya (TWSE: 2408) **Paid:** ASP up more than 60%; gross margin 85.7% Paid first 2 · AI-named slice **Who:** Server, networking, storage, system-management DRAM **Paid:** More than 20% of sales — not a majority Named, not stacked 3 · Leading-edge wafers and CoWoS **Who:** TSMC, not Nanya **Paid:** Still the [packaging gate](https://www.sotkn.com/explained/cowos-explained/) for AI chips Different door 4 · 3D stacks / TSV **Who:** Pingtung plan; HBM still mostly Korea **Paid:** End-2028 on Nanya’s own clock Stuck step **Labels:** *Paid first* \= the selling price and the margin rose. *Named, not stacked* \= AI is on the revenue mix, not as a finished 3D stack. *Stuck step* \= the stack fab is a date, not a receipt. If you only remember one thing: a 61.9% sales jump with bits down is a price print. It is not a stack print. Korea still holds the HBM door. Taiwan’s DRAM seller was paid for making ordinary bits expensive. ## What changed on 12 October Nanya held its third-quarter conference at 15:00 Taipei on 12 October and issued the results the same day. The [12 October print](https://au.marketscreener.com/news/nanya-technology-reports-results-for-the-third-quarter-2026-ce785ddcde80f321?ref=sotkn.com) is the dated company release. Sales for the quarter ended 30 September were NT$133,649 million, up 61.9% from the second quarter. The company said average selling prices increased by more than sixty percent and bit shipments decreased by a mid-single-digit percent, quarter on quarter. All figures are unaudited. Gross profit was NT$114,482 million. Gross margin was 85.7%, up 6.2 points from the second quarter. Operating income was NT$106,894 million; operating margin 80.0%, up 6.3 points. Non-operating income was NT$2,438 million. Net income was NT$87,627 million, net margin 65.6%, earnings per share NT$25.4 on 3,450 million weighted-average shares. Net income for the first three quarters was NT$163,877 million, EPS NT$49.28\. Book value per share was NT$118.99\. Those are the company’s own rows. We do not restate them as a forecast. The same release put the AI mix and the clocks in one paragraph. AI infrastructure-related business — servers, networking, storage and system management — currently accounts for more than 20% of total revenue. A new wafer fab is scheduled for equipment move-in in the first quarter of 2027, ramping to 30,000 wafer starts a month by the end of 2028 and 50,000 by the end of 2030\. A 3D wafer packaging and testing fab at Pingtung Science Park, with through-silicon vias and wafer stacking, is planned by the end of 2028\. Future capacity, the company said, will be planned in line with customers’ AI projects under long-term agreements. Customer qualification of the 1C node is expected in the first quarter of 2027\. 1D, 1E and EUV continue on schedule. The Pingtung line is not new this week, and we say so. The Southern Taiwan Science Park Administration approved the project on 1 October; [Taipei Times carried it on 2 October](https://www.taipeitimes.com/News/biz/archives/2026/10/02/2003865228?ref=sotkn.com). Nanya did not disclose the capex. The park said the work is still preliminary. What 12 October added is the restatement inside a quarter that just printed an 85.7% gross margin and a falling bit count. The plan is now sitting next to a receipt. Monthly sales already told you the step-up happened early. [September consolidated sales](https://ebs.publicnow.com/view/745E46D92908203AB54A88B5110D6BDBAB004151?ref=sotkn.com) were NT$45,091 million, up 0.9% from August and 576.62% from September 2025\. [TWSE’s 2408 sheet](https://www.twse.com.tw/pdf/en/2408%5Fen.pdf?ref=sotkn.com) puts July at NT$43,868 million, August at NT$44,690 million, June at NT$29,388 million. July plus August plus September is NT$133,649 million — the quarter, to the million (our arithmetic). The jump is June to July, not a late-quarter spike. ![Bar chart of Nanya 2026 quarterly sales: Q1 NT$49.1bn, Q2 NT$82.5bn, Q3 NT$133.6bn](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/taiwan-nanya-dram-asp-october-2026-revenue.png) Q3 is the price quarter. Sources: Nanya Q2 and Q3 releases; monthly sales via TWSE. Education only. ## Our math: labelled our arithmetic The company already split price from bits. What follows is division on its own figures, labelled as ours. - **The quarter versus the second quarter.** 133,649 ÷ 82,549 = 1.619, which is the +61.9% they printed (our arithmetic; Q2 sales from the [10 July Q2 release](https://www.nanya.com/en/IR/16/?IRId=13150&ref=sotkn.com)). - **A 60% ASP and a 5% bit drop do not get you there.** 0.95 × 1.60 = 1.52, or +52.0% (our arithmetic). The printed sales rise is +61.9%. About 9.9 points are still unexplained if you take the floor of their wording — “more than 60%” and “mid-single-digit” down. - **Implied ASP if bits fell 5%.** 1.619 ÷ 0.95 = 1.704, or +70.4% (our arithmetic). If bits fell 3%, implied ASP is 1.619 ÷ 0.97 = 1.669, or +66.9% (our arithmetic). Either the ASP was nearer the high 60s than the 60% floor, or mix improved, or both. We do not pick a single ASP. We show the range their wording forces. - **Nine-month sales.** Local coverage of the 5 October monthly put January–September at NT$265.285 billion ([TechNews, 5 Oct](https://finance.technews.tw/2026/10/05/nanya-technology-2026-09-revenue/?ref=sotkn.com)). Q2 plus Q3 is 82.549 + 133.649 = 216.198\. Residual Q1 is 49.087 (our arithmetic). Q3 is 2.72 times that Q1 residual (our arithmetic). - **Nine-month profit concentration.** Q3 net income 87,627 ÷ 9M net 163,877 = 53.5% (our arithmetic). One quarter carried more than half of the year’s profit so far. - **The extra gross-profit dollars.** If Q3 had kept the Q2 gross margin of 79.5%, gross profit would have been 0.795 × 133,649 = 106,251\. Printed gross profit is 114,482\. The extra is NT$8.2 billion (our arithmetic). That is the margin expansion, in cash, on this quarter’s sales. - **AI-named floor.** More than 20% of NT$133.6 billion is more than NT$26.7 billion (our arithmetic). Up to NT$106.9 billion of the quarter is still not in that named slice. The invoice is a DRAM invoice first. - **June to July.** 43,868 ÷ 29,388 = 1.493, or +49.3% month on month (our arithmetic). August +0.9% and September +0.9% are a plateau. The price step arrived, then held. ![Chart of our arithmetic on Nanya Q3 2026: +52% from a 60% ASP and 5% bit drop versus +61.9% actual, 9.9 point gap, implied ASP +66.9% to +70.4%](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/taiwan-nanya-dram-asp-october-2026-math.png) Our arithmetic from Nanya’s 12 Oct 2026 wording. Education only. What this tells you: Nanya was paid for a higher selling price, and paid again for a fatter margin on that price. It was not paid for shipping more bits. A stack that is due in 2028 cannot be the thing that produced an 85.7% gross margin in September. What it does not tell you: the exact ASP, the exact bit decline, or what a buyer should pay for the shares. We do not do price calls. ## Where does the money stick? At the step whose selling price rose, and not at the step that is still a park approval. ![Infographic: where Nanya Q3 2026 cash sticks — DRAM price paid first, AI-named slice over 20%, 3D wafer stacks still the stuck step until end-2028](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/taiwan-nanya-dram-asp-october-2026-infographic.png) Price is paid. Stacks still wait until 2028\. Education only. **1\. The DRAM seller, on price.** An 85.7% gross margin and an ASP that rose more than 60% while bits fell is the definition of a scarce step collecting. Conventional DRAM tightened because AI and server demand soaked wafers elsewhere — see [Micron’s 10-K Pulse](https://www.sotkn.com/markets/us/us-micron-10k-idaho-october-2026/) and [CXMT’s server-DRAM Pulse](https://www.sotkn.com/markets/china/china-cxmt-server-dram-october-2026/). Nanya is a Taiwan receipt for that tightness. It is not a receipt for HBM. **2\. The AI-named slice, as mix, not as a stack.** Servers, networking, storage and system management are more than 20% of sales. That is a customer list, not a 3D process. The company says future wafers will follow AI projects under long-term agreements. An LTA is a booking. End-2028 is the stack date. Do not confuse the two. **3\. TSMC’s packaging door — still a different door.** Leading-edge AI chips still wait on CoWoS. That is the gold Taiwan pulse and the [packaging-gate piece](https://www.sotkn.com/markets/taiwan/tsmc-cowos-capacity/). Nanya’s quarter does not unstick it. A DRAM ASP does not add a CoWoS slot. **4\. The 3D stack — not yet.** Pingtung is approved and restated. Capex is undisclosed. Bits fell. HBM allocation still sits in Korea — see [the Korea door](https://www.sotkn.com/markets/korea/) and [HBM, explained](https://www.sotkn.com/explained/hbm-explained/). A plan dated end-2028 is the stuck step in this print. One-line rule: while this quarter’s shape holds, the DRAM price step is paid, the AI-named slice is a minority, and the stack waits. ![Bar chart of Nanya Q2 versus Q3 2026 margins: gross 79.5% to 85.7%, operating 73.7% to 80.0%, net 60.8% to 65.6%](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/taiwan-nanya-dram-asp-october-2026-margins.png) The invoice got fatter. Source: Nanya Q2 and Q3 2026\. Education only. ## Is 3D stacking still stuck? Yes. A park approval on 1 October and a restatement on 12 October are not a qualified stack, a TSV yield, or a bit that shipped. Three things keep it stuck. First, the date. End-2028 is more than two years from this print. Memory’s short clock is quarters; a dedicated 3D pack-and-test fab is a long clock. That is the same distinction we use under [where the stuck step moves](https://www.sotkn.com/analysis/where-does-the-stuck-step-move/): HBM binds in quarters, power in years. A Taiwan 3D stacker that is still preliminary sits on the long side. Second, the bits. Shipments fell this quarter. If the stack were already the thing buyers were paying for, you would expect bits, or at least mix, to show it. The company instead printed a price-up, bits-down quarter and a greater-than-20% AI-named mix. That is conventional DRAM tightness plus a labelled slice. It is not a stack ramp. Third, the process still in front. 1C qualification is first-quarter 2027\. New-fab tools are first-quarter 2027\. 30,000 wafer starts are end-2028; 50,000 are end-2030\. Those are wafer clocks. They can fill without a single Pingtung stack. So-what: Nanya can keep getting paid on ASP while the stuck step stays a date. Do not read an 85.7% margin as proof the stack moved. ## What dates matter ![Calendar of dates that test Taiwan’s DRAM-price versus 2028-stack read, October 2026 to end-2028](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/taiwan-nanya-dram-asp-october-2026-calendar.png) Dates that test the read. Education only. - 15 October 2026, 14:00 Taipei — TSMC’s third-quarter results and call ([TSMC financial calendar](https://investor.tsmc.com/english/financial-calendar?ref=sotkn.com)). We file before that print. The test: does CoWoS, not a DRAM ASP, still set how many AI chips ship? - Around 5 November 2026 — Nanya’s October monthly sales, the sequel to the 5 October September print. The test: does the NT$44–45 billion plateau hold, or does the invoice cool? - 10 November 2026 — TSMC October sales. First read on the fourth-quarter wafer run. - First quarter 2027 — 1C qualification and new-fab equipment move-in. Process step. Not the stack. - End of 2028 — Pingtung 3D pack/test, and the 30,000 wafer-start mark on the new fab. The stuck step’s own date. The next Nanya monthly is the date that can move the price read. TSMC’s call can only colour the other Taiwan door. End-2028 is the date that can move the stack read. ## How is this different from the September-exports Pulse? The 11 October pulse was a customs print: Taiwan shipped a record US$87.2 billion in September, with information and communications products leading. Who got paid then was the export step — servers and boards leaving the harbour. The stuck step on that map was still the chip and the package behind the crate, not a DRAM ASP. Today is a company P&L. Who gets paid is Nanya on the selling price of bits. The stuck step is 3D stacking at Pingtung. The two pulses agree that Taiwan is invoicing AI demand. They disagree on which step collected. Exports can rise because Foxconn and Quanta stuffed racks. A DRAM margin of 85.7% with bits down is a different receipt: the memory seller, not the assembler. It is also different from the gold TSMC pulse (wafer sales; CoWoS stuck), from [SK hynix versus Korea’s grid](https://www.sotkn.com/markets/korea/korea-sk-hynix-fab-power-october-2026/) (HBM wafers waiting on power), and from Micron’s Idaho 10-K (a mid-2027 wafer clock, not a stack clock). Same family — memory tightness — different invoice. ## What would change this view? - Nanya reports a quarter where bit shipments rise with ASP flat or down — the price step is no longer the one collecting. - The AI-named slice is printed as a majority of sales, with a dated HBM or 3D-stack shipment, not only a customer list. - Pingtung capex, tool move-in, or a qualified TSV stack is dated earlier than end-2028 — the stuck step’s clock shortens. - October or November monthly sales fall back toward the June run-rate without a new ASP comment — the invoice cooled. - A Korea HBM supplier prints spare allocation for 2027 — the stack shortage that makes ordinary DRAM expensive would be easing at the source. The view stays intact while ASP stays the story, bits stay soft or only modestly up, the AI-named mix stays a minority, and Pingtung stays a 2028 plan. ## Practical takeaways - Nanya on 12 October: Q3 sales NT$133.6 billion, +61.9% vs Q2; net income NT$87.6 billion; EPS NT$25.4 - ASP up more than 60%; bits down a mid-single-digit percent. Price, not volume - On our arithmetic, a 60% ASP and a 5% bit drop only get you to +52%. The extra \~10 points is mix or a higher ASP - Gross margin 85.7%, +6.2 points. About NT$8.2 billion of extra gross profit versus holding Q2’s 79.5% (our arithmetic) - Stuck step: 3D wafer packaging and test at Pingtung, end-2028\. Who gets paid now is the DRAM price step ## FAQ **What did Nanya print for the third quarter of 2026?** Sales of NT$133,649 million, up 61.9% from the second quarter. Gross margin 85.7%, operating margin 80.0%, net income NT$87,627 million, EPS NT$25.4\. The company released the figures on 12 October 2026\. Unaudited. **Who gets paid on this print?** The DRAM price step. Average selling prices rose more than 60% while bit shipments fell. That is Nanya collecting on scarce conventional bits, not on a finished 3D stack. **Why is 3D stacking the stuck step if AI is more than 20% of sales?** Because that 20% is a customer mix — servers, networking, storage, system management — and the 3D pack-and-test fab at Pingtung is planned for the end of 2028\. A named mix is not a qualified TSV stack. Bits fell this quarter. **Is this the same bottleneck as TSMC CoWoS?** No. CoWoS is TSMC’s advanced package for AI accelerators and HBM. Nanya’s Pingtung plan is a DRAM 3D pack-and-test line. Both are packaging clocks. They are not the same slot. **Is this investment advice?** No. Education only. It maps who gets paid and which step is stuck. It is not a recommendation to buy or sell any security. ## Keep reading on the map - [Taiwan Markets hub](https://www.sotkn.com/markets/taiwan/) — country page - [TSMC August revenue](https://www.sotkn.com/markets/taiwan/taiwan-tsmc-revenue-september-2026/) — the gold pulse; CoWoS still the chip gate - [US$87.2B September exports](https://www.sotkn.com/markets/taiwan/taiwan-september-exports-record-october-2026/) — the customs invoice - [HBM, explained](https://www.sotkn.com/explained/hbm-explained/) · [Korea door](https://www.sotkn.com/markets/korea/) — where stacked memory still sits - [Micron Idaho](https://www.sotkn.com/markets/us/us-micron-10k-idaho-october-2026/) · [CXMT server DRAM](https://www.sotkn.com/markets/china/china-cxmt-server-dram-october-2026/) — other DRAM clocks - [All Markets doors](https://www.sotkn.com/markets/) — Taiwan, Korea, US, China **Get the Wire.** Second Order’s free daily brief on what moved in the AI chip map. [Read the Wire →](https://www.sotkn.com/the-wire/) · [Subscribe free →](https://www.sotkn.com/#/portal/signup) **Members’ Analysis (teaser):** When packaging eases, the bind moves through memory to power. Today’s Nanya print is the price version of the memory clock: ordinary bits already invoice, the 3D stack still does not. [Read the Analysis →](https://www.sotkn.com/analysis/where-does-the-stuck-step-move/) **How we check this.** Q3 sales, ASP wording, bit-shipment wording, margins, net income, EPS, AI-mix, fab clocks and the Pingtung date come from Nanya’s 12 October 2026 release. Q2 comparison rows come from the 10 July 2026 release. September monthly sales come from the 5 October monthly. July, August and June monthlies come from the TWSE 2408 sheet. The park approval is the 1 October Southern Taiwan Science Park action, reported 2 October. Anything we divided ourselves is labelled “our arithmetic”. An ASP comment is not a published ASP, and we say so. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) Not investment advice. Do your own research. --- ### References 1. Nanya Technology, Reports Results for the Third Quarter 2026, 12 Oct 2026\. [marketscreener.com](https://au.marketscreener.com/news/nanya-technology-reports-results-for-the-third-quarter-2026-ce785ddcde80f321?ref=sotkn.com) — sales NT$133,649m; ASP +60%+; bits mid-single-digit down; GM 85.7%; AI mix >20%; Pingtung end-2028; 1C Q1 2027. 2. Nanya Technology, September 2026 Revenue NT$45,091 Million, 5 Oct 2026\. [publicnow.com](https://ebs.publicnow.com/view/745E46D92908203AB54A88B5110D6BDBAB004151?ref=sotkn.com) — Sep NT$45,091m; Aug NT$44,690m; +0.9% MoM; +576.62% YoY. 3. Taiwan Stock Exchange, 2408 company sheet (produced 15 Oct 2026). [twse.com.tw](https://www.twse.com.tw/pdf/en/2408%5Fen.pdf?ref=sotkn.com) — July NT$43,867.6m; August NT$44,690.3m; September NT$45,091.1m; June NT$29,388.3m. 4. Nanya Technology, Reports Results for the Second Quarter 2026, 10 Jul 2026\. [nanya.com](https://www.nanya.com/en/IR/16/?IRId=13150&ref=sotkn.com) — Q2 sales NT$82,549m; GM 79.5%; OM 73.7%; net NT$50,192m. 5. Taipei Times, Southern science park approves Nanya Tech project, 2 Oct 2026\. [taipeitimes.com](https://www.taipeitimes.com/News/biz/archives/2026/10/02/2003865228?ref=sotkn.com) — park approval 1 Oct; TSV and wafer stacking; capex undisclosed; preliminary. 6. TechNews, Nanya September 2026 revenue, 5 Oct 2026\. [technews.tw](https://finance.technews.tw/2026/10/05/nanya-technology-2026-09-revenue/?ref=sotkn.com) — January–September sales NT$265.285bn. 7. TSMC, Financial Calendar, retrieved 15 Oct 2026\. [investor.tsmc.com](https://investor.tsmc.com/english/financial-calendar?ref=sotkn.com) — Q3 2026 conference 15 Oct 2026, 14:00 Taipei.